Market Profile Analysis dated 13th Jan 2020

NF opened with a gap up at 12330 and took support at 12323 confirming a multi-day FA (Failed Auction) at 12255 and swiftly tagged the 1 ATR objective of 12350 as it continued to probe higher in the first 10 minutes to make new all time highs of 12369 but did not get any new volumes indicating that it was only the locals who were present in the market as the auction remained in this range of 47 points all day to leave a Normal Day with one of the lowest Volumes of this series as it closed at the dPOC of 12362 with the third consecutive day of forming higher Value but the range of the Value Area has been contracting which is a cause of concern for further upside. NF has confirmed 3 VPOCs over the last 3 sessions at 12290 / 12234 & 12062 which will be the objective(s) for any move to the downside in the coming session(s). On the upside, it would need fresh demand above today’s high for a probable move towards 12445 & 12576.

BNF opened above the previous day’s POC & HVN of 32120 making an OL (Open = Low) start at 32159 and probed higher to make highs of 32380 in the opening 10 minutes but could not scale above the PDH (Previous Day High) of 32385 after which the auction began coiling with the range becoming narrower till the ‘G’ period and this low volume environment led to an early afternoon spike to the downside in the ‘H’ period as BNF made an RE (Range Extension) to the downside as it broke below the OL start but got stalled at 32123 taking support just above the yPOC and probed back into the IB and went on to tag VWAP forming an inside bar for the day with a close at the prominent POC of 32250 which would be the level to watch at open in the next session. BNF has formed a nice 2-Day Balance with the Value at 32170-32244-32368 and could give a move away from this Value in the next session or two.

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